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REWARDMINERALSLIMITED
Presentation January 2014For
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This document includes forward-looking statements. When used in this document, the
words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”,
and similar expressions are forward-looking statements. Although RWD believes that the expectations
reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no
assurance can be given that actual results will be consistent with these forward-looking statements.
This Presentation has been prepared by Reward Minerals Ltd (“RWD”) for the purpose of providing an overview of its
current prospects and development strategy to recipients. This Presentation and its contents are provided to recipients in
confidence on the basis that it may not be reproduced or disclosed in whole or in part to any other person, without the
written consent of RWD.
This Presentation is provided on the basis that neither the Company nor its respective officers, shareholders, related
bodies corporate, partners, affiliates, employees, representatives and advisers, make any representation or warranty
(express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in this Presentation
and nothing contained in the Presentation is, or may be relied upon, as a promise, representation or warranty, whether as
to the past or the future. The Company hereby excludes all warranties that can be excluded by law.
All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information
with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither
the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any
person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any
person.
FORWARD LOOKING STATEMENTS & DISCLAIMER
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Our Company
Reward Minerals Limited (ASX:RWD)is a Perth based Company focussed on developing projects to
provide essential nutrients to help meet the world's growing food
demand
Commodity - PotashSulphate of Potash (SOP) – K2SO4is a specialty product that is strategic and geologically scarce
compared to standard Potash known as Muriate of Potash (MOP)
Current Mineral ResourcesIndicated Resource of 24.4Mt SOPhosted at our Lake Disappointment (LD) project
within 4m from surface
Our ObjectiveTo be Australia’s Leading Potash Producer- Evaluate large conceptual exploration targets held
- Targeting production in 2016
Our Responsibility To Establish a Sustainable Operation with minimal environmental impact while benefiting Martu
communities
OUR VISION
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Mr Colin McCavana Non Executive Director, Chairman
– 31+ years experience in the mining and earthmoving industries
– Director of Northern Minerals
Dr Michael Ruane Managing Director
– PhD (Chemistry) MRACI
– 30+ years experience as a technical consultant in the chemical and
metallurgical fields
– Director of Intermin Resources Ltd, Metaliko Resources Ltd
Mr Rod Della Vedova Non Executive Director
– BSc degree in Chemistry and a Post Graduate degree in Chemical
Engineering
– Over 30 years experience in the Solar Salt industry
1. Issued Options a) 12,301,499 expiring 30 June 2016 – exercise price $0.25 (rights)
b) 4,500,000 expiring 27 February 2017 - exercise price $0.50 (Martu)
c) 2,150,000 expiring 31 August 2014 - exercise price $0.50
d) 3,000,000 expiring 05 January 2016 - exercise price $0.45
e) 2,000,000 expiring 10 October 2016 - exercise price $0.45
f) 2,000,000 expiring 30 June 2016 – exercise price $0.25
g) 500,000 expiring 08 October 2015 - exercise price $1.09
2. Cash based on pro-forma cash balance per September’13 quarterly report plus monies due as
at that date from rights issues
Capital Structure 20 Jan 2014
Name Shares (m) %
Michael Ruane 26.80 36.3
Other Directors 0.25 0.3
Top 20 Shareholders 46.75 63.4
Ordinary Shares on Issue 98.4m
Options on Issue1 26.5m
Share Price $0.53
Undiluted Market Capitalisation $52.2m
Debt $1.0m
Cash2 A$5.2m
Undiluted Enterprise Value A$47.0m
Major Shareholders
ASX:RWD Board
CORPORATE OVERVIEW
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SOP is a high value, strategic and
geologically scarce specialty Potash product
SOP makes up ~10% of global potassium
fertiliser production:
– MOP: ~55Mtpa
– SOP: ~6Mtpa
90% of SOP used on specialty crops
40% of SOP demand from China (largest
producer of fruits and vegetables)
Currently no production in Australia which
consumes ~500ktpa of Potash
Brine production is the lowest cost SOP
source & accounts for only ~29% of
production
SOP currently trading at ~$600/t
Source: Compass Minerals Limited, Presentation Nov’13
SULPHATE OF POTASH (SOP)
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Reward holds a dominant highly prospective
land position of over 9,000km2
PROJECTS OVERVIEW
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Source: Geoscience Australia – 2010/12 Record Paterson Province AEM Survey, Reward Minerals
KARLY PROJECTPALAEOVALLEY POTENTIAL
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Project Overview
LocationLittle Sandy Desert (W.Australia)
~340km east of Newman
SOP Resource (K2SO4)
24.4Mt (SOP in Brine, to only 4m depth)
Type of Deposit
In-situ playa brine
Similar chemistry to Great Salt
Lake (high sulphate brine)
Level of Access
ILUA Registered
Mining Lease &
Miscellaneous Licences Granted
Project Overview (cont.)
Production Process
Solar Evaporation (>4m/yr),
Mechancial Harvesting & Simple
Leach/Crystallisation Process
Stage of
Development
Scoping Study in Progress
Expected Completion: Q2’14
Next Steps
Engineering Design (in progress)
Resource Expansion (in progress)
Enviro. Approvals (in progress)
Resource Definition Upgrade
Release Scoping Study
LAKE DISAPPOINTMENT (LD)
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Resource Growth
SOP Resource Estimate
Volume of Sediments – to 4 metres only 3.96 x 109 m3
Tonnage Estimate: SG 1.95 7.7 x 109 Mt
Weighted Average (soluble) SOP content3.17kg / t
6.17kg / m3
SOP Resource Estimate 24.4Mt
Step-out drilling (in progress)
Deeper drilling
Focussed exploration on palaeochannels
Recharge & flow rate testing
LD PROJECTRESOURCES & GROWTH
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Simple process whereby harvested SOP salt is put through a milling,
conversion, filtration and crystallisation process before it is ready to be distributed.
Filtrate
SOP pulp
SOP
SOP
Water
SOP Recycle
Raw Brine
Evaporation Ponds
Harvested SOP salts
Milling / conversion
End-brine Cooling & Filtration
Leaching & Crystallisation
SOP Drying
Compaction PortFiltration
START
FINISH
Waste Brine
SOP Solid/Liquid Separation
Schoenite
Schoenite
LD PROJECTPROPOSED PRODUCTION PROCESS
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Access road sheeted Access road near LD
Exploration base camp Exploration base camp
LD PROJECTSITE PRELIMINARY WORKS
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Project Overview
LocationGreat Sandy Desert
Western Australia
SOP Resource
(K2SO4)
Conceptual
High K in surface samples
Type of DepositIn-situ playa brine
Surface to 100+ meters1
Level of Access Exploration Licences
Production ProcessLD testwork results and flowsheet design
applicable
Stage of
Development
Encouraging early stage exploration
results
Next Steps
Drilling Anticipated Q1 2014
Maiden Resource 2014
Environmental Studies
Confirm LD Processing Parameters
Note 1: Based on AEM survey concepts
KARLY PROJECT
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Retrieved from the 2008
Paterson Province AEM
Part of the Australian
Government’s Onshore
Energy Security Program
Over $2.7M spent on the
EM Program – 28,200
line kilometers flown
Source: Geoscience Australia – 2010/12 Record Paterson Province AEM Survey
KARLY PROJECT GEOSCIENCE AEM SURVEY DATA
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KARLY PROJECTTHE EMBAYMENT
Source: Geoscience Australia – Not representative of actual LW embayment
Waukarlycarly Basin
Seismic Cross-sections
80km by 40km embayment area held
Depth to basement 3,000m
Top of Grant Group 500 to 600m
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Playas conductive from surface to 100m+ depth
Gently dipping under cover to the north
Source: Geoscience Australia – 2010/12 Record Paterson
Province AEM Survey
- 300m RL
- 100m RL
Lake Waukarlycarly Location
LW6 – 13.21kg SOP/m3 brineLW5 – 8.12kg SOP/m3 brine
- 200m RL
- 0m RL
KARLY PROJECTGEOSCIENCE AEM SURVEY
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NOTES
(1) Refer to ASX announcement dated 10 December 2013 for full details of results
(2) Metal values are grams per litre of solution = kilograms per m3 brine
(3) Potassium Sulfate (SOP) value is K x 2.23
(4) SG - Brine Specific Gravity gm/cc
(5) TDS - Brine Total Dissolved Solids - grams per litre of solution - sum of columns 5,7,8,9,10
(6) Average Values in Brine from Lake Disappointment drilling
LAKE DISAPPOINTMENT(6)
LD 7419900 476500 0.46 5.54 12.37 5.92 93.58 151.20 25.95 1.190 237
First pass samples suggest high Potash prospectivity for follow-up work
BRINE ANALYSIS - LAKE SURVEY - NOVEMBER 2013
Sample Northing Easting Ca (2) K (2) SOP (3) Mg (2) Na (2) Cl (2) SO4 (2) SG (4) TDS (5)
LAKE WAUKARLYCARLY
LW1 7645460 384538 0.55 4.85 10.82 6.38 61.85 105.19 30.23 1.146 209
LW4 7656072 377948 0.49 2.11 4.71 4.19 89.65 145.39 30.75 1.175 272
LW5 7661592 374879 0.65 3.64 8.12 4.83 61.20 87.10 33.17 1.130 190
LW6 7661217 377432 0.41 5.92 13.21 7.32 88.60 131.32 44.55 1.192 277
LW17 7640635 371185 0.30 5.94 13.25 8.12 69.75 127.97 49.01 1.206 261
Sample Results1
KARLY PROJECTLAKE SURVEY RESULTS
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“Excessive water (brine) at 4m
resulted in drilling
problems…”
“Below surface calcrete and
silt, a ferruginized semi-
lateritized sand, the main
aquifer, continued to a depth
of 70 metres.”
Newmont – U2 Prospect, WAMEX:A22444
Hole AND381:“High water flows
of 8L/sec”
Hole AND382:“Salt lake seds –
5L/sec water flows, very
salty”
Hole ANK383: “Water flows of
about 2L/sec from 75m”
Hole ANK385: “High flows of
salty water from 45m –
8L/sec”
BHP Minerals Pty Ltd – Paterson JV
CR8495, sourced from WAMEX
“The Reconnaissance
ground EM soundings found
that 70% of the tenement
area has a highly
conductive cover due to
hypersaline fluids from Lake
Waukarlycarly”
Gindalbie Gold Perth Library C459/1996
Sourced from WAMEX
Hole ANK266: “Heaps and heaps
of water salty (sic)”
Hole ANK267: “Heaps of water at
8.5m. RC rock-roller from
12.5m (lost circulation in
broken ground).”
BHP Minerals Pty Ltd – Paterson JV
CR8775 Open File, sourced from WAMEX
KARLY PROJECTHISTORICAL EXPLORATION
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Karly Project
Lake Dora
Lake Auld
LD Project
Lake Winifred
Connolly
KARLY PROVINCESAMPLE RESULTS
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Source: Geoscience Australia – 2010/12 Record Paterson Province AEM Survey, Reward Minerals
LDEA – 8.25kg SOP/m3 brine
LDED – 8.37kg SOP/m3 brine
20870
20910
20910
20870
LD Avg. – 12.37kg SOP/m3 brine
LD PROJECTPALAEOVALLEY POTENTIAL - AEM
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GROWTHACHIEVING OUR EXPLORATION TARGET
ParameterExisting
LDLD Karly Lake Dora Exploration Target
Average Lower Upper Lower Upper Lower Upper Lower Upper
Area (km2) 990km2 990km2 990 km2 3,200km2 3,200km2 600km2 600km2
Depth from Surface
(m)4m 10m 20m 20m 40m 10m 20m
Target Volume (m3) 3.96b m3 9.9b m3 19.8b m3 64b m3 128b m3 6b m3 13b m3
SOP
(kg/m3 sediment)6.16 6.00 7.50 6.00 7.50 6.00 7.50
Conceptual Target 24.4Mt 59Mt 148Mt 384Mt 960Mt 36Mt 97Mt ~500Mt ~1Bt
Achieving our Exploration Target of ~500Mt to ~1Bt SOP @ 6kg/m3 to 7.5kg/m3
Target based on the current LD Resource SOP grade
and SG parameters, supported by preliminary sample
results from regional areas
Target Volume calculated as upper and lower the
approximate sizes of the assumed aquifers
12g/l to 15g/l SOP in brine converts to approximately
6kg/m3 to 7.5kg/m3 SOP in situ
Target Calculation Assumptions
The potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a
Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Step-out and depth drilling at LD planned to commence
shortly (Q1)
Drill plans at Karly and Dora Projects submitted,
pending approval and will commence once endorsed
Maiden Project Resource estimates anticipated within
12 months for Karly and Dora
Planned Exploration
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Proximity to Key Markets
East Asia
28.9% of
Global Demand
2011South Asia
12.3% of
Global Demand
2011
Reward
Reward’s geographic location places it in close
proximity to key Asian markets
Asia collectively accounted for over 50% of
global Potash demand in 2011
Source: FAO 2011 fertilizer report
West Asia
11.6% of
Global Demand
2011Brine SOP Grade Comparisons
Company ProjectResource
(Mt)
Grade (g/l)
Reward LD 24.4 12.37
Rum Jungle Karinga 5.5 10.55
Compass GSL Unknown 10.15
EPM Lake Sevier 34.8 6.60
Extensive landholdings - +9,000km2
Substantial resource potential
High value product - SOP
Shallow solution mining of brine resources
Solar evaporation process – high prevailing
evaporation rates
High grade potash harvest 18+% SOP
Simple SOP recovery route
Reward’s favorable project economics support low capital and operating cost potential
Key Project Parameters
WHY REWARD?
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Mr Colin McCavana Non Executive Director, Chairman
– 31+ years experience in the mining and earthmoving
industries
– Director of Northern Minerals
Dr Michael Ruane Managing Director
– PhD (Chemistry) MRACI
– 30+ years experience as a technical consultant in the
chemical and metallurgical fields
– Director of Intermin Resources Ltd, Metaliko Resources Ltd
Mr Rod Della Vedova Non Executive Director
– BSc degree in Chemistry and a Post Graduate degree in
Chemical Engineering
– Over 30 years experience in the Solar Salt industry
Mr Daniel Tenardi Projects Director
– Over 24 years experience in mining operations from start-up
to completion phases
– BSc in Mathematics from UWA, unrestricted QM Ticket
Mr Paul Savich Corporate Development Officer
– Industry experience in both business development and
corporate finance roles
– Previously held roles at Deloitte and Gryphon Minerals
– B.Com, CA, M.AppFin
Mr Geoff Browne Consultant Metallurgist
– 40+ years experience in mineral processing, plant design and
operations, technical services and consulting.
– B.App.Sc & Grad Dip (Metallurgy)
Mr David O’Farrell Consultant Geologist
– Over 20 years industry experience across Australia and Asia
Pacific
– BSc (Hons) in Geology, MAusIMM
Board Senior Management
BOARD & SENIOR MANAGEMENT
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Reward Minerals Ltd advise that resource parameters provided in this presentation relating to the Lake
Disappointment Project are based on information compiled by Mr Simon Coxhell of CoxsRocks who is a
Member of the Australasian Institute of Mining and Metallurgy and is a technical consultant to Reward
Minerals Ltd. This information was prepared and first disclosed under the JORC Code 2004. It has not been
updated since to comply with the JORC Code 2012 on the basis that the information has not materially
changed since it was last reported. Mr Coxhell has sufficient experience that is relevant to the style of
mineralisation, type of deposit under consideration and to the activity that he is undertaking to qualify as a
Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration,
Results, Mineral Resource and Ore Reserves’. Mr Coxhell consents to the inclusion in this presentation of
the matters based on his information in the form and context in which they appear.
The information in this presentation that relates to exploration targets and exploration results for the Lake
Disappointment and Karly Projects is based on information compiled by Mr David O’Farrell, a Competent
Person who is a Member of the Australasian Institute of Mining and Metallurgy. This information was
prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the
JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Mr
O’Farrell of Bralich Holdings is a consultant to Reward Minerals Ltd. Mr O’Farrell has sufficient experience
that is relevant to the style of mineralization and type of deposit under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr O’Farrell consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
159 Stirling Highway, Nedlands WA 6009 | PO Box 1104, Nedlands WA 6909
T: 08 9386 4699 E: admin@rewardminerals.com
F: 08 9386 9473 W: www.rewardminerals.com
COMPETENT PERSON STATEMENT
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APPENDICES
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Potassium Nitrate
(SOPM, MgSO4)
Sulphate of Potash Magnesia
(SOPM, MgSO4)
MOP55.0Mt
SOP6.0Mt
NOP1.4Mt
SOPM1.3Mt
Muriate of Potash (MOP, KCl) Sulphate of Potash (SOP, K2SO4)
Accounts for over 86% of total potassium
fertilisers produced globally
Contains 46% chloride
Chloride may be harmful to crops
Used for cultivation of carbohydrate crops
including wheat, oats and barley
Accounts for around 10% of total potassium
fertilisers produced globally
Contains 17.5% sulphur
Sulphur is used by plants to produce proteins,
amino acids, enzymes and vitamins while also
aiding resistance to disease
Used on specialty crops including
vegetables, fruits and cocoa
Provides potassium and
nitrogen
Contains 13% nitrogen
Used on plants such as corn
Provides high value crops
with a source of
magnesium as well as
potassium and sulphur
Contains 10% MgO
POTASH MARKET
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SOP is 17.5% sulphur and contains no
chloride (MOP contains 46% chloride)
Superior to MOP because chloride has a toxic
impact on many food plants, especially leafy
plants
Used on specialty crops which generate ten
times the revenue of commodity crops
Increases yields
Boosts plant health and nutrition
40% of global SOP demand from China, the
worlds largest producer of tobacco, fruits &
vegetables
Currently no production in Australia which
consumes approx. 500ktpa
SOP – PREMIUM POTASH
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Brine salts with potassium are pumped into ponds,
solar evaporated, harvested and processed – lowest
cost of production method
Processing highly dependent on evaporation potential
at the project
Examples: Great Salt Lakes, Luobupo, etc
50%
29%
Primary Processing
Bri
ne
(R
ew
ard
)
Sulphuric acid used to process MOP to SOP
Expensive, energy intensive and creates hydrochloric
acid as a by-product
MOP plus cost of processing drives SOP premium
Secondary Processing
Ma
nn
heim
Rare method converts MOP to SOP using salts
Production cost based on inputs (MOP, salts)
Su
lph
ate
Sa
lts
18%
Other Mineral Ores, etc.
% of SOP Global Production
SOP - PRODUCTION
3%
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Based on Reward’s
preliminary studies the
Company would be one
of the five largest SOP
producers globally
Reward would be one
of three SOP brine
producers
Source: Compass Minerals, CRU
Major SOP Producers
CompanyProd’n(ktpa)
Process Location
SDIC Loubupo 1,300 Brine China
K+S Kali 1,200 Mannheim/Salts Germany
Tessenderlo Chemie 750 Mannheim France / Belgium
Qingshang 590 Mannheim China
Compass Minerals 333 Brine / Salts USA / Canada
Migao 320 Mannheim China
SQM 300 Brine Chile
Yara 200 Mannheim Finland
Rusal 180 Mineral Ores Russia
Kemira Kemi 100 Mannheim Sweden
Gansu Xinchuan
Fertilizer Corp.100 Mannheim China
Shijiazhuang Hehe 100 Mannheim China
SOP – GLOBAL PRODUCTION
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SQM/ChemetallSalar de Atacama
Lithium products
Potash (SOP, MOP)
Boric acid
Magnesium chloride
FMC LithiumHombre Muerto
Lithium products
Potash (MOP)
Qinghai GuoanDongtai and Xitai Salt Lakes
Lithium products
Tibet ZabuyeZabuye Salt Lake
Lithium products
Qinghai Salt LakeDongtai Salt Lake
Lithium products
Potash (MOP)
Sentinent Group Salar del Rincón
Lithium products
ChemetallSilver Peak
Lithium Products
Compass MineralsGreat Salt Lake, Big Quill Lake
Potash (SOP)
Magnesium chloride
Intrepid PotashWendover, Moab
Potash (MOP)
Rio TintoLake Macleod
Sodium chloride
Arab Potash CompanyDead Sea (Jordan)
Potash (MOP)
Sodium chloride
Magnesium chloride
Xinjiang Luobupo PotashLop Nur
Potash (SOP, MOP)Dead Sea WorksDead Sea (Israel)
Potash (MOP)
Sodium chloride
Magnesium chloride
Various other mineral products are also produced from salt lakes globally, using
similar production concepts planned by Reward
MINERAL PRODUCTION FROM SALT LAKES
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SOP attracts a premium price (historically c.30%)
Premium has widened due to supply
instability in the MOP market (split of
Uralkali from BPC)
SOP price remains stable
SOP Price underpinned by:
– Limited supply (~10% of market) with
increasing demand
– Mannheim production cost (MOP + processing)
– No substitutes (polyhalite is unproven)
– Used on high-value crops (makes up a smaller portion of total cost)
Source: Compass Minerals Limited, Presentation Nov’13
PREMIUM POTASH = PREMIUM PRICE
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